New Fortress Energy (NASDAQ:NFE) Trading Down 7.4% – Here’s What Happened

New Fortress Energy Inc. (NASDAQ:NFE) fell 7.4% during trading on Tuesday . The company traded as low as $7.73 and last traded at $7.70. 1,216,001 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 4,224,026 shares. The stock had previously closed at $8.31.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NFE. Morgan Stanley dropped their price target on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Stifel Nicolaus dropped their target price on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price target on New Fortress Energy in a research report on Wednesday, March 12th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, New Fortress Energy presently has a consensus rating of “Hold” and an average price target of $15.00.

New Fortress Energy Trading Down 4.6 %

The company’s 50 day simple moving average is $11.68 and its 200 day simple moving average is $11.33. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 8.71 and a beta of 1.58.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.07. The company had revenue of $679.00 million for the quarter, compared to the consensus estimate of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. As a group, research analysts expect that New Fortress Energy Inc. will post 0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other New Fortress Energy news, CFO Christopher S. Guinta purchased 5,000 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the purchase, the chief financial officer now directly owns 206,653 shares in the company, valued at approximately $1,771,016.21. This represents a 2.48 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 37.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in New Fortress Energy by 2.0% in the fourth quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company’s stock valued at $730,000 after purchasing an additional 935 shares in the last quarter. US Bancorp DE increased its holdings in shares of New Fortress Energy by 31.5% in the fourth quarter. US Bancorp DE now owns 4,696 shares of the company’s stock valued at $71,000 after purchasing an additional 1,126 shares during the period. Allworth Financial LP raised its stake in shares of New Fortress Energy by 2,156.0% during the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock worth $32,000 after purchasing an additional 1,962 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of New Fortress Energy by 148.5% during the fourth quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock worth $60,000 after purchasing an additional 2,370 shares during the period. Finally, Deutsche Bank AG grew its position in New Fortress Energy by 3.0% in the 4th quarter. Deutsche Bank AG now owns 85,206 shares of the company’s stock valued at $1,288,000 after buying an additional 2,463 shares during the last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Company Profile

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.